Wash rice in a colander under running tap, until the water runs clear. Keep aside.
Using a kitchen scissor to cut bacon into bite-sized pieces.
Turn on instant pot and switch to 'Saute' mode.
When the inner pot is hot cook bacon until crispy. Remove bacon with a slotted spoon, keep aside. Discard bacon fat.
Keep the Instant pot in saute mode, add oil, and let it heat.
Add chopped onion, minced garlic. Saute until the onion has softened, looks translucent.
Add chicken breast, rice, ranch seasoning, pepper, and stock to the pot. Give everything a good stir. Check the seasoning and add more salt if required.
Close the lid, and set the valve to sealing. Use the manual/pressure cook button and set the time to 8 minutes.
It will take some time for the pot to come to full pressure and then the timer will start.
Once the timer is off, let it rest/ naturally release pressure for 10 minutes. Then move the valve to release any remaining pressure.
Open the lid carefully. Add sour cream, crispy bacon, and chopped parsley. Stir to combine. (ref note 1).